Security News > 2023 > November > World’s largest commercial bank ICBC confirms ransomware attack
Image: Adrian Grycuk/CC BY-SA 3.0 PL. Update November 10, 06:49 EST: The Industrial & Commercial Bank of China confirmed its services were disrupted by a ransomware attack that impacted its systems on Wednesday, November 8.
"On November 8, 2023, U.S. Eastern Time, ICBC Financial Services experienced a ransomware attack that resulted in disruption to certain FS systems. Immediately upon discovering the incident, ICBC FS disconnected and isolated impacted systems to contain the incident," said the bank.
"ICBC FS has been conducting a thorough investigation and is progressing its recovery efforts with the support of its professional team of information security experts. ICBC FS has also reported this incident to law enforcement. We successfully cleared US Treasury trades executed Wednesday and Repo financing trades done on Thursday."
ICBC added that its business and email systems function autonomously from the ICBC Group and that the incident did not impact the systems of the ICBC New York Branch, the ICBC Head Office, and other affiliated institutions domestically and abroad. The Industrial & Commercial Bank of China is restoring systems and services following a ransomware attack that disrupted the U.S. Treasury market, causing equities clearing issues.
While the bank is yet to issue a statement confirming the incident and its impact, multiple sources have told BleepingComputer that the ICBC fell victim to a ransomware attack.
ICBC is China's largest bank and the largest commercial bank in the world by revenue, with revenue of $214.7 billion and profits of $53.5 billion reported in 2022, according to Fortune.
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